Overview
Hudson Executive was founded in January 2015, and although working primarily from remote locations at
present, has and will operate from offices in New York, New York.
Hudson Executive seeks value-oriented opportunities where actionable operational improvements and/or
strategic transactions can unlock value through Constructive Engagement® with the managements, boards
of directors, and shareholders of public companies in which its clients invest.
Hudson Executive provides discretionary investment advisory services to pooled investment vehicles
operating as private investment funds which are organized as domestic or foreign limited partnerships or
corporations (each a “Client Fund” and collectively the “Client Funds”). As of December 31, 2023, Hudson
Executive had approximately $1,148,886,000 in regulatory assets under management in the Client Funds.
Douglas Braunstein (the “Founding Partner”) indirectly controls Hudson Executive through his positions
as the Managing Member of Hudson Executive’s general partner, HEC Management GP LLC (the
“Management GP”), and as the Founding Partner of Hudson Executive.
Hudson Executive’s current clients include a family of private investment funds operating through a
“master-feeder” structure (collectively, the “Flagship Fund”), and a special purpose vehicle, HEC
Investment Fund Cayman Master Ltd. (“SPV II”). SPV II was created to provide a single co-investment
with the Flagship Fund. SPV II was created in April 2018.
The Flagship Fund includes the following entities:
HEC Master Fund LP, a Cayman Islands exempted limited partnership (the “Master
Fund”);
HEC Onshore Fund LP, a Delaware limited partnership (the “Onshore Feeder”);
HEC Offshore Fund Ltd, a Cayman Islands exempted company (the “Offshore Feeder”);
and
HEC Intermediate Fund LP, a Cayman Islands exempted limited partnership (the
“Intermediate Fund”).
The Onshore Feeder invests its assets in the Master Fund. The Offshore Feeder invests its assets in the
Intermediate Fund, and the Intermediate Fund invests its assets in the Master Fund. The Master Fund trades
in securities and investment instruments and otherwise executes the investment program of the Flagship
Fund. HEC Performance GP LLC (the “Performance GP”) is the general partner of the Master Fund, the
Onshore Fund, and the Intermediate Fund. Hudson Executive is the investment manager
of the Flagship
Fund. In December 2023, Hudson Executive notified investors of its intent to formally wind down the
Flagship Fund and return investor capital as liquidity events are realized over time.
SPV II co-invests in securities of a company also held by the Flagship Fund. HEC SPV II GP LLC, a
Delaware limited liability company (the “SPV II GP”), is an affiliate of Hudson Executive indirectly
controlled by the Founding Partner. SPV II GP is the general partner of the SPV II feeder funds: HEC SPV
II Cayman LP, a Cayman Islands exempt limited partnership; HEC SPV II Master Fund LP, a Cayman
Islands exempt limited partnership; and HEC SPV II USA LP, a Delaware limited partnership. Hudson
Executive is the investment manager of SPV II.
Hudson Executive does not tailor its advisory services to the individual needs of the underlying investors
in the Client Funds (the “Investors”) and does not accept Investor-imposed investment restrictions for the
Client Funds. Hudson Executive has discretion to manage the investment program of each Client Fund in
its judgment, subject to the investment guidelines and restrictions set forth in the investment management
agreement between the relevant Client Fund and Hudson Executive.
Hudson Executive does not currently offer investment advisory services to separately managed accounts or
other services tailored to the needs of individual clients.
Hudson Executive does not currently participate in wrap fee programs.
This Brochure does not constitute an offer to sell or a solicitation of an offer to buy any securities. The
Client Funds’ interests are offered and sold on a private placement basis under exemptions promulgated
under the Securities Act of 1933, as amended, and other exemptions of similar import under U.S. federal
and state laws and the laws of other jurisdictions where any offering may be made. The descriptions set
forth in this Brochure of specific advisory services that Hudson Executive offers to clients, and investment
strategies pursued and investments made by Hudson Executive on behalf of its clients, should not be
understood to limit in any way Hudson Executive’s investment activities. Hudson Executive may offer any
advisory services, engage in any investment strategy and make any investment, including any not described
in this Brochure, that the law permits and Hudson Executive considers appropriate.